View Poll Results: Should The Government Stop Making Pennies?

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  • Yes

    14 60.87%
  • No

    9 39.13%
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Thread: Should the Government Stop Making Pennies?

  1. #11
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    Re: Should the Government Stop Making Pennies?

    The Mint estimates it will cost 1.23 cents per penny and 5.73 cents per nickel this fiscal year, which ends Sept. 30. The cost of producing a penny has risen 27% in the last year, while nickel manufacturing costs have risen 19%.

    I think the average use per year of a penny is about 50. The average life of a penny is more than 20 years. So an average use of a penny is about 1000 times. So the cost of the coin per use is 0.00123 penny. This issue is too much fun. Lets have some more.

  2. #12
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    Re: Should the Government Stop Making Pennies?

    Quote Originally Posted by Viktyr Korimir View Post
    We should switch to bitcoins.
    Maybe not quite yet

    On the subject of the OPs suggestion, I think it's a good idea to get rid of pennies. I certainly wouldn't miss them.
    If you build a man a fire, he'll be warm for a day.

    If you set a man on fire, he'll be warm for the rest of his life.

  3. #13
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    Re: Should the Government Stop Making Pennies?

    Quote Originally Posted by OhIsee.Then View Post
    The Mint estimates it will cost 1.23 cents per penny and 5.73 cents per nickel this fiscal year, which ends Sept. 30. The cost of producing a penny has risen 27% in the last year, while nickel manufacturing costs have risen 19%.

    I think the average use per year of a penny is about 50. The average life of a penny is more than 20 years. So an average use of a penny is about 1000 times. So the cost of the coin per use is 0.00123 penny. This issue is too much fun. Lets have some more.
    Somehow I don't think this assumption is quite accurate. Even it it were, the math is off. The "cost per use" that you're coming up with would be 0.123, though again, I'm not quite sure this is a good basis for the value loss/gain from using the penny denomination.
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  4. #14
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    Re: Should the Government Stop Making Pennies?

    I checked my arithmetic. A penny costs 1.23 pennies then divide that by 1000 uses during its monetary life and that comes to 0.00123 pennies per use. (I did ignore investment costs and some other details.) I still don’t see my error.

  5. #15
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    Re: Should the Government Stop Making Pennies?

    Quote Originally Posted by Kandahar View Post
    The druglord currency? Not a chance.
    I thought that all of the transactions were recorded on the servers to make things work. That doesn't seem to lend itself to money laundering.
    I may be wrong.

  6. #16
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    Re: Should the Government Stop Making Pennies?

    I wonder how this will affect spending. Most retailers charge $1.99 instead of $2.00 to make the consumer at least subconsciously think that they're saving more, as they see the 1 first. Personally, I think this is stupid, but retailers do it quite a bit. Either way, I doubt that this would affect consumer spending habits that much though, especially with the rise of electronic currency.
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  7. #17
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    Re: Should the Government Stop Making Pennies?

    Quote Originally Posted by DrunkenAsparagus View Post
    I wonder how this will affect spending. Most retailers charge $1.99 instead of $2.00 to make the consumer at least subconsciously think that they're saving more, as they see the 1 first. Personally, I think this is stupid, but retailers do it quite a bit. Either way, I doubt that this would affect consumer spending habits that much though, especially with the rise of electronic currency.
    They could still charge $1.95 instead of $2.00.
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  8. #18
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    Re: Should the Government Stop Making Pennies?

    Quote Originally Posted by OhIsee.Then View Post
    I checked my arithmetic. A penny costs 1.23 pennies then divide that by 1000 uses during its monetary life and that comes to 0.00123 pennies per use. (I did ignore investment costs and some other details.) I still don’t see my error.
    I took the original post to mean it cost $1.23 per penny. If that's not the case then my apologies.
    From the OP:
    According to snopes in 2006 it cost $1.23 to produce
    Last edited by tessaesque; 06-15-11 at 07:33 PM.
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  9. #19
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    Re: Should the Government Stop Making Pennies?

    Yes, because honestly who ever pays in exact change?
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  10. #20
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    Re: Should the Government Stop Making Pennies?

    NO! That's my 2-cents worth.


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